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Relocating or Redefined: A New Perspective on Urbanization in China

Li Gan, Qing He, Ruichao Si, Daichun Yi, Mar 18, 2020

We study the urbanization process in China during the past decade by deconstructing different sources of new urban residents. We find that around one-third of urban population growth in the past decade has consisted of redefined migrants from communities that have been reclassified from rural to urban, though they do not actually move. We further find evidence that failing to consider the number of redefined migrants and their housing behaviors leads to a high housing vacancy rate in China’s urban areas.

From Fog to Smog: The Value of Pollution Information

Panle Jia Barwick, Shanjun Li, Liguo Lin, Eric Zou, Feb 05, 2020

During 2013–2014, China launched a nation-wide real-time air quality monitoring and disclosure program, which was a watershed moment in the history of its environmental regulations. We present the first empirical analysis of this natural experiment by exploiting its staggered introduction across cities. The program substantially expanded public access to pollution information, and in turn, triggered a cascade...

Corporate Innovation and IPO Interventions

Lin William Cong, Sabrina T. Howell, May 20, 2020

The Chinese government has occasionally suspended IPOs, exogenously creating uncertainty about access to public markets for firms already approved to list. We show that suspension-induced delay reduces corporate innovation activity both during the delay and for years after listing.

Industry/Policy View How Does Monetary Policy Affect the Asset Management Industry? Evidence from China’s Fund Managers

John Ammer, John Rogers, Gang Wang, Yang Yu, Jul 15, 2020

We conduct a novel systematic textual analysis of the discussion in the quarterly reports of China fund managers, from which we infer their near-term expectations for Chinese monetary policy. We show that this aggregate index of manager expectations performs well as a forecast of Chinese monetary policy, that fund managers act on these expectations, and that correctly anticipating shifts in policy improves fund...

The Hidden Cost of Trade Liberalization: Input Tariff Shocks and Worker Health in China

Haichao Fan, Faqin Lin, Shu Lin, Jun 24, 2020

Can intermediate input trade liberalization affect worker health in a developing country like China, and if so, how? Do the impacts differ between skilled and unskilled workers? What are the welfare implications of input tariff reductions once health factors are considered? Professors Haichao Fan of Fudan University, Faqin Lin of China Agricultural University, and Shu Lin of the Chinese University of Hong Kong develop...